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so i have read countless threads on this topic and i feel i can make more of a point here from experience, here's my story.

 

I started out with $300 and a rc car trade to buy a bike and basically worked my way up to owning over 8 bikes in a one year span buying and selling bikes to get what i was ultimately looking for. Yes i am very picky about bikes. and no i still haven't found what I'm looking for because i cant afford it!

 

I can say buying bikes in the $600-$1500 range is getting really old. yes i have found and seen some sweet deals, went on drives close and very far to look at bikes, met some sketchy and nice people all around, but a lot of times turned around with an empty truck, an empty wallet, or both.

driving to people out in the country (i live in the middle of a city) to go look at an abused bike and talk to a ignorant seller, and leave frustrated is not what i want to spend my time on anymore, and YES i have spent many hours doing this and many times frustrating my partents and my ex...

 

part 2.  the selection out there for under $1500 for what im looking for is getting really hard to come by. most of the bikes are older bikes, between 1972-1997ish. the later 90's bikes im fine with, its just a 250 2t is the typical find for that price range and I've already eliminated that from being the bike for me, but on the classifieds there's usually only 3 bikes to choose from at a time so i have to pick something if i wanna ride. and yes i have low balled many many many people, a few times it was very successful, and since a lot of my deals were through trades I had to take bikes as it came.

 

part 3. throughout my story with buying used junk bikes and fixed them up i have spent honestly about $3500+  through trades, repairs, bikes, etc. they are not an investment at all, I understand that completely, not to mention so many hours fixing, and then selling the bikes after riding them two rides later, and i am ok with it. with the last bike I sold, i was only just barley able to squeeze $900 out of it, for a bike i had invested $3500 through repairs, trades, cash on top, etc. and every one of those bikes was either; needing more repairs then i wanted to throw at a bike, not the bike for me, but most every time both. i need a specific bike, lower seat height, not a lot of power but enough to use, parts and accessories, im still a beginner rider. 6ft 200lbs, im more of the mind set of id rather drive a slow car fast then a fast car slow kind of guy. corners are more important then the straights, but jumping is my favorite thing to do, but only trail ride at the moment. so im leaning towards a 250f or a crf250x or a wr250f, klx250-300 or even a clean late 90's xr250

 

my aunt as great credit and has helped my sister finance a car before, she could help, and the only other bills i have are just car insurance about $80 a month, make about $800-1000 a month and will be comfortable making $200-500 payments a month. i just have trouble saving up large amounts, but also have a lot of stuff to sell.

 

the reason for this route; ive wanted a dirt bike since i was 7, i was able to buy one by the time i was 19, i love to ride! but i feel my experience so far has made it really hard to enjoy on dead or dieing bike. im thinking around the 2500-3500 range from a private seller using a loan from a bank. just so i can start off with something better and have a broader range of bikes to test ride.

 

bikes ive owned. 1990 rm250, 1986 xr200 (favorite) 1998 yz400f, 1997 kdx220 (another favorite), ttr125 (gf bike ive ridden a lot in the backyard), 1991 dr250s, 1986 tt225, chinese 125cc pitbike that i modded, another huge favorite but sold it already.

 

please be nice about it, im only 22 and want to establish credit. i know the pros and cons and the dangers but i wanna spend more time out riding, not in the garage or on the computer waiting and searching for deals, im tired of doing that...

Edited by Tubs26

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If you make between 800-1000 a month and are comfortable with a dirt bike payment up to $500 a month you need to take a step back and re evaluate what your goals are for the next couple years That being said I imagine a payment on a new bike over 5 years would be around 200 a month. Are you willing to keep and ride the bike for 5 years because you will likely never be able to sell it for what you owe if you finance it out at a low payment plan. Maybe save the 500 a month you think you can afford for 6 months then pay cash for 3000$ bike. 3-4K will get you a nice used late model bike.

Establish credit by getting a credit card, using it for gas n groceries every month and paying the balance owed at the end of the month.

Edited by OCsquid
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I actually read your whole post and my answer hasn't changed from before opening the thread. DON'T DO IT!!! At 22, you have too many variables and life can change too quickly. Unless you own your house (paid off) and just need an excuse to maintain credit, it's a bad idea, especially at 50% of your pay for a payment. That's absolute insanity. I don't spend half of my income on housing and utilities let alone a toy.

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I'm not one to lecture, and I say this hopefully for yours or someone else's benefit,  but as a 46 y/o looking back at probably what was mine and many other like minded 22 y/o mindsets I thought I'd chime in.  If you are making $800-$1000 a month you are essentially living pay check to paycheck.  Apparently not concerned or obligated with rent/mortgage, food, education, health insurance, entertainment (other than bikes), gas, car maintenance, etc  because you clearly cannot cover all of that without governmental or family help.  Being able to actual live independently now and securing some future should be your first priority.  Definitely not having a loan payment of 20-30% of your monthly earnings.  I just don't see how that can add up and you not be in the red.

 

Do what someone else said, save your money (few bucks here and there) and pay cash when you have enough to get what you want.  You may need to be without for a short period of time.  But it will add up fast IF you CAN really afford it.  You probably are wasting a lot of money buying and repairing and selling bikes.  For someone in your position a great bike could be had for $2k at most. How do I know? Because I just got a gently used 05 crf250x for that amount.  

 

Loans for toys are not a good idea unless it makes good financial sense (i.e, very low or no interest rate) and you have the disposable income to handle it.  I just don't see how you do with what you have provided.  Technically MAYBE but in reality do you?  Sell some stuff.  Have a garage sale.  Work overtime.  Save and you could probably be pretty close by summer.  Then maybe grandma would give you a few hundred bucks and you can pay her back.

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Unless your in college, i would spend more energy looking for a better job than a better bike.

Those of us lucky enough to afford a new bike took a few years to do so and not making just enough to do so.

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+3

Do not buy a item on credit that will depreciate, especially for a leisure item.. If you cannot save and buy it later what makes you think having a loan and a debt YOU MUST PAY WITHOUT FAIL to be easier? Or does the idea of buying it AND pay interest make more sense and if you have a bad month, taking advantage of your aunt? Save instead, if you have a bad month you have to delay getting the bike of your dreams by a month. Such is life.

You learned that flipping bikes rarely works. Unless you are dishonest and have no qualms about screwing people over.

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I wouldn't do it. I rode 1000 dollar bikes until I was 40 and could afford to pay cash for a new bike.

If your Aunt wants to loan you the money and let you pay her back that's one thing, going neck deep in debt to a bank with a family member as a cosigner is playing with fire. Best case is it goes well and you pay it off in a timely manner, worst case is you wad yourself up and can't pay and your Aunt is stuck with her new dirtbike that she can sell for maybe half of what is owed.

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Are you bringing home 800-1000 a month or is that your gross pay. If that's you gross, finding better/more work would be a top priority for me. Even if that's my take home after living expenses, I'd be hesitant to spend that much on a brand new bike as a lot of it could/should be going towards a house or future retirement. 

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Never finance a toy, if you can't buy it cash just keep saving up.

Edited by mlatour
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If you are comfortable making a $500 a month finance payment, save $500 each month for 6-8 months. You'll have 3-4K and can buy a nice bike for that. I bought a '13 YZ250F for $3500 that was 1 year old. Save it in $100 bills and be diligent about it. Or if you have a bike worth $1500 ride that for 3-4 months and save your $500 finance payment for 3 months and sell your bike when you have $1500-2000 and go buy a bike for 3-4K. 

 

You could have a $500 payment for 3-6 months or 3-6 years and basically be able to get the same bike. It's up to you.

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All good advice so far. Brand new bikes also need stuff so it's not like buying a new car that only needs gas & oil for the first few years. Bikes need to be set up so it can mean rad guards, skid plates, hour meters, suspension work, etc. Once that's done you'll wear out tires, brake pads, chains, sprockets, cables, etc. I burn through 2-4 rear tires and 1-2 front tires per year per bike (we have 4). The initial price may seem steep but the upkeep is also high. While these costs add up the bike's value drops dramatically. What about bike security? If your bike gets stolen you still have to pay for it. Bikes are new once then they become used. There is nothing to be ashamed about owning a used bike that's paid for within your budget. I know people who have gone into huge debt and have "all the toys" only to have them repo'd and go bankrupt. Keep doing what you have been and slowly work up. In my opinion it's never good to finance a dirt bike or any other "toy".

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What do you do for work? At 22 you've definitely got potential to be earning a lot more than $1k a month if you apply yourself. I'm 23 so can relate but live in the UK so I'm sure work and pay is a lot different. 

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No. Dont do it.

 

I got a loan for a car, I had half the dough already.

 

In some ways I wish I just bought a used one. New reliable shit is a nice feeling, payments arent so much.

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I'll echo what others have said. At 1000 a month your already broke before you make a bike payment. Without knowing your situation I would be looking for ways to boost my income

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Seems like a pretty simple solution.
Instead of financing, take all that spare time of yours driving around looking at and fixing crap bikes and get a part time job.

You will have your bike within 6 months.

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Get a job at a motorcycle shop if you have one nearby. If not, save up $100 a month, sell all your crap, get a $3000 used bike, learn the maintenance, then go get a job at a moto shop. Why do you think those guys work there? Cause they really want to help you? LOL. Parts are expensive!!

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For sure, get the loan. 3 of my last 4 dirt bikes were new and with loans on part of the amount.

 

When I was 15 I worked and saved and got my first car and truck the hard way, but when I turned 16 I got a loan for a new dual sport bike. Best decision ever. Tons of fun. Great memories.

 

Overly responsible people make me cringe sometimes.  Like my ex, nick named “fun Police”.

 

10474_0_2_3_dt%20125%20e_kim%20staker.jp

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I had

 

For sure, get the loan. 3 of my last 4 dirt bikes were new and with loans on part of the amount.

 

When I was 15 I worked and saved and got my first car and truck the hard way, but when I turned 16 I got a loan for a new dual sport bike. Best decision ever. Tons of fun. Great memories.

 

Overly responsible people make me cringe sometimes.  Like my ex, nick named “fun Police”.

 

10474_0_2_3_dt%20125%20e_kim%20staker.jp

 

I had one of those way back when! Same color and everything. Takes me back! 🙂

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